It seems that the White House did try to reform the two institutions but were thwarted by Congress, including several of the Democratic Left's favorites.

You will find this quote interesting, I think:

"Meanwhile, Dodd -- who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 -- actively opposed such measures and further weakened existing regulation."

But I suppose the Washington Post is just one more Right Wing publication.